Styrenics supplier Styrolution Group has launched a €500mn global trade receivables securitisation programme to provide an additional source of funding for its operations.
The programme will be funded through a single bank-sponsored commercial paper conduit, and will provide Styrolution with cash proceeds of up to €500mn through the ongoing purchase of receivables from its multi-country operations network.
The receivables will be originated in four countries with participants in 136 countries, the firm says.
US specialty finance company Finacity Corporation provided Styrolution with analytic and structuring support and will serve as an ongoing administrator in the programme.
Styrolution, a joint venture of chemical companies BASF and INEOS, produces and supplies styrene – a chemical used in making synthetic plastics, rubbers and polystyrene.